This is one of several papers presented at a Federal Trade Commission Symposium on Media Concentration. It concentrates on describing the book publishing industry from the standpoint of one firm. The emphasis is on the question of entry into the publishing industry by an author, a small publisher, or a book reader. Some of the points made are that subsidiary rights are important to the economic welfare of the companies, the acquisitioned companies are strengthened, the large houses as well as small houses are doing a remarkable job in publishing an eclectic body of fiction, there is increased use of literary agents, approximately three-quarters of the books that the trade department publishes lose money, small publishing companies do have great successes, and book clubs and mass paperback outlets are never supplied by only one hardcover affiliate. Special emphasis is given to the relationship of authors to publishers, and it is noted that both known and unknown authors do have access to publishing process and publishing opportunity, are paid better than before, and can and do move from publisher to publisher. (MKM)